ACTUARIAL EXAMS AS A UCSB STUDENT

UCSB ACTUARIAL ASSOCIATION

FRIDAY, FEBRUARY 3, 2017

EXAMS

UCSB CLASSES

• Exam P

• PSTAT 120A and a small portion of PSTAT 120B

• Classes cover 90% of the exam syllabus

• Exam FM

• PSTAT 171 and a small portion of PSTAT 170

• Classes cover 90% of exam syllabus

UCSB CLASSES

• Exam MFE

• PSTAT 170 and PSTAT 176

• Classes cover 90% of the exam syllabus

• Exam MLC

• PSTAT 172A and PSTAT 172B

• Classes cover 80% of the exam syllabus

• Exam C

• PSTAT 173

• Class covers 60% of the exam syllabus

HOW CLASSES AND EXAMS RELATE

• Take class before studying for exam

• Most common way

• Gives good understanding of the material

• Great way to start studying for an exam

• Take class while studying for exam

• Most beneficial for both exam and class

• Time consuming

• Take class after studying for exam

• Hardest way

• A lot of self studying

• Easy to get a good grade in the class

STUDY MATERIALS

•Study Manuals

•Practice Problem Banks

•Online Resources

•Calculators

STUDY MANUALS

• ASM, ACTEX, Adapt, The Infinite Actuary

• Great way to learn the material and get introduced to it

• Learn and review the material

• Resources include practice exams

• Companies pay for study materials

ONLINE RESOURCES

• Adapt/Coaching Actuaries

• Practice exams, study manual, video lessons

• Subscription based

• Exams that cater to your understanding

• Large question bank

• The Infinite Actuary

• Bundle: Online lectures, review problems with video solutions, sample exams with video solutions

• Free practice exams for P & FM

• Student pricing

CALCULATORS

• TI-30XS ($15)

• Multi-line Display

• Basic statistical functions (Data Tables, Finding Mean, Variance, etc.)

• BA II Plus ($35)

• Single-line Display

• Financial Commands (Annuities, bonds) very useful for Exam FM

STUDY TIPS

• Allot 100 hours per exam hour

• Example: Exam P is 3 hours, so you should study for 300 hours

• Create a study schedule for yourself

• Excel file that records how many pages you have gone through and how many pages are

left

• Dedicate 1/3 of study time to review problems/practice exams

• Last month before exam

STUDY TIPS

• Memorize formulas

• Note cards, Note sheet

• Memorize important formulas where you can derive other formulas

• Focus on materials you aren’t comfortable with

PERSONAL TAKE ON EXAMS

CHANGES TO THE SOA TRACK

• VEE Applied Statistics is replaced with VEE Mathematical Statistics

• Addition of accounting to the Corporate Finance VEE

• Addition of pricing and reserving of short-term insurances to Exam C

• Less emphasis on derivatives and more on investment in the Investment and Financial

Markets exam

• Addition of an exam on the basics of applied statistics (Statistics for Risk Modeling)

• Addition of an exam on predictive analytics

WHEN TO SIGN UP (P/1)

WHEN TO SIGN UP (FM/2)

WHEN TO SIGN UP (MFE/3)

WHEN TO SIGN UP (C/4)

WHY YOU SHOULD TAKE EXAMS IN UNIVERSITY

• Gets you a job/internship

• Less stress when you’re working

• Discounts on exam materials/ free exam materials

• Exam reimbursement from Actuarial Association

HOW TO SIGN UP FOR EXAMS

• https://www.soa.org/Education/Exam-Req/Registration/edu-

registration.aspx

QUESTIONS?